North Carolina’s tax code is outdated. It creates an unpredictable revenue stream, making it harder for our state to budget for basic services and compete for jobs.
The time has come to modernize the North Carolina tax code, and we need your help to bring both parties together to make it happen. Failure to act now will mean more tax hikes and deeper cuts in basic government services, dragging our economy down further and making it harder to compete for jobs.
Tax reform is so urgent because our tax code is:
• OUTDATED: Our current tax code was developed during the Roosevelt era, when our economy was dominated by manufacturing. Eighty years later, the makeup of our economy has shifted dramatically to a more services-based economy, but our tax code remains the same.
• VOLATILE: Every year, our budget becomes more and more dependent on unpredictable sources of revenue, and the ups and downs are killing us. Not knowing what the next economic season will bring has resulted in multiple reactive tax hikes and deep program cuts in basic government services.
• UNCOMPETITIVE: Our tax code is making it hard for us to compete with our neighbors. North Carolina has the highest corporate and personal income taxes in the southeast, making our state less attractive to business owners who are looking to locate or expand in North Carolina.
Leaders and think tanks on both sides of the aisle are calling for tax reform. While we don’t support any particular piece of legislation, there are a few key principles that we believe should guide our tax reform efforts:
• RELIABILITY: We can’t avoid another recession, but we can put ourselves in a better position to weather the storm. A stable, predictable revenue stream will allow us to face the next recession without fear of tax hikes or government cuts.
• TRANSPARENCY: Taxes aren’t going away, but the confusion around them can. As taxpayers, we have the right to know who we’re paying, how much we’re paying and why.
• FAIRNESS: Fairness is easier said than done. However, it should always be the goal. We should all strive for a tax code that is just and equitable.
As a state, we can’t afford to wait on this issue.
By signing this petition and sharing it with your friends and neighbors, you are telling our lawmakers that you support tax reform in North Carolina.
Thank you for your support.